BAKU, Azerbaijan, January 26. The World Bank (WB) has committed a total of nearly $5.2 billion to support Azerbaijan across 54 projects under the framework of the Azerbaijan-WB partnership, which has been ongoing for over 30 years, the country's finance minister, Sahil Babayev said during his meeting with the delegation, led by Charles Cormier, WB Regional Director for Infrastructure in Europe and Central Asia, and Rolande Pryce, WB Regional Director for the South Caucasus, Trend reports via the Ministry of Finance.
The meeting discussed the current status and development prospects of cooperation between Azerbaijan and the WB, projects implemented with the financial support of the bank, especially current and future programs in the infrastructure, urban development, energy, and digital sectors.
Babayev noted that this cooperation has made significant contributions to the implementation of economic reforms in the country and the provision of sustainable infrastructure.
The meeting also exchanged views on the implementation status of projects implemented with the WB, noting that the solar and wind power plants built within the framework of the "Expanding the Use of Renewable Energy Sources" (AZURE) project ensure the development of sustainable energy infrastructure by integrating into the country's energy system.
Moreover, the "Support to Employment" project and its additional financing initiatives support the expansion of employment opportunities for the unemployed population and sustainable settlement in the liberated territories.
At the same time, the "Regional Roads and Development" project strengthens interregional transport links and creates opportunities for the revival of overall economic activity.
Meanwhile, Cormier pointed out that the organization he represents attaches great importance to long-term and effective cooperation with Azerbaijan and highly appreciates the economic reforms carried out in the country. He highlighted a great potential in expanding cooperation with Azerbaijan in the fields of infrastructure, green energy, urban planning, and logistics, and the initiatives to be implemented in these areas will create conditions for ensuring sustainable development in the country and expanding economic opportunities.
The meeting further saw a wide exchange of views on the "Expansion of the Baku International Sea Trade Port", "Competitive and Sustainable Agriculture and Irrigation Services", and "Livable Baku" projects, planned to be financed through a WB loan. Institutional, technical, and financial measures that will lay the foundation for the implementation of the mentioned projects, as well as opportunities for expanding cooperation between the parties, were considered.